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58 I N D U S T R Y I N S I G H T / T O M A S Z S E R A F I N S K I ere are countless ways artificial intelligence (AI) and machine learning (ML) have the potential to transform default servicing—but here are just a few. · Predicting the value of an asset · Automated underwriting processes · Quality control · Vendor scoring · Loan performance assessment · Risk analysis · Property disposition recommendations Sound's great, right? But how can you make these benefits a reality, and what should you be thinking about in order to maximize the value of AI and ML to your business? TALK TO THE EXPERTS Find a technology partner who can help you to normalize the data (ensuring that the data is available in a consistent and standardized format) and to implement data models that can feed into the AI/ML tools. Advanced property- servicing platforms are extending their Ap- plication Program Interface(API)/Integration capabilities to map out all the key data points across the life of the asset to create a property's digital twin. is establishes API endpoints for each key process associated with the property that then become subsets of the entire property API, and create dashboards for oversight. AI and ML bring a new dynamic to property management, using the concept that systems can learn from data to identify patterns, help make decisions, and identify anomalies to enable management by exception—thus cutting cost and increasing efficiency. ese solutions can not only drive down the cost of operations but also create new opportuni- ties and provide insights that were not available to mortgage industry professionals before. Having access to the full scope of data points collected across the industry can drive imple- mentation of ML models powering intelligent dashboards for the property servicing sector. Fed by these ML models, such dashboards can pro- vide significant business intelligence relating to how a business is operating and where losses are happening. Even better, they allow companies to be proactive, so steps can be taken to avoid losses before they occur. Using integration platforms and their associ- ated APIs to access data available outside the company can cut the time required to implement an AI solution, making it the obvious solution for any business seeking to reap game-changing advantages. How did AI and ML evolve to their current potential, and what are the ways in which ML solutions can be applied to business problems? ML solutions offer numerous specific advan- tages for the default servicing industry, but it's critical that these default servicing solutions incorporate diverse collections of data sources. Using integration platforms and their associated APIs to leverage data from outside the organiza- ARTIFICIAL INTELLIGENCE, REAL-WORLD RESULTS 58